Fraudsters are becoming increasingly adept at sharing invaluable knowledge and tips through online forums and social networking sites that will help them steal more and more money from financial institutions and their customers through activities such as phishing, money laundering and ultimately, in some cases, identity theft.

But while fraudsters have been sharing information and growing their sizeable profits, financial institutions have failed to follow their example and take a more collaborative approach to fraud prevention and detection. As the seamless movement of money cross-border becomes a reality with SEPA, banks must address their current fraud strategies and begin to work together in the fight against the crime.

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